Atlantic Petroleum Announces Second Quarter 2016 Accounts


Tórshavn, Faroe Islands, 2016-08-25 07:34 CEST (GLOBE NEWSWIRE) -- P/F Atlantic Petroleum (NASDAQ Copenhagen: ATLA DKK & Oslo Stock Exchange: ATLA NOK) today announces its results for the second quarter of 2016. This company announcement should be read in conjunction with Atlantic Petroleum’s Condensed Consolidated Interim Report attached to this announcement.

Highlights & Outlook

  • EBITDAX for 2Q was negative with DKK 1.5MM.
  • Gross profit in 2Q 2016, after certain reversal of previous asset impairments and write-offs, was DKK 82.1MM.
  • Net Profit after tax for 2Q 2016 was DKK 77.8MM.
  • Cash and cash equivalents at end of 2Q 2016 was DKK 11.3MM
  • Net assets/share-holders equity has improved from negative DKK 134.2MM end Q1 to negative DKK 59.7MM end Q2.
  • Bank debt excluding exploration finance facility was DKK 62.8MM.

Ben Arabo, CEO commented: 

"Atlantic Petroleum has gone through a challenging period, but as the result for Q2 show, things are improving. In the quarter we have signed an SPA on Orlando securing a future revenue stream from the field. We have also settled the terms of our exit from the Chestnut field which has improved our balance sheet. We are now looking to the future and to delivering new opportunities principally in Eastern Europe, Russia and the Eurasian Economic Union."

Atlantic Petroleum in brief:

Atlantic Petroleum is a full cycle exploration and production (E&P) Group. Atlantic Petroleum participates in joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company has subsidiaries and offices in London, UK and Bergen, Norway. Atlantic Petroleum’s existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

 

On the website, it is also possible to sign up for the Company’s e-mail newsletter.

 

Announcement no.16/2016

Issued 25-08-2016

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +44 208 834 1045
         Fax +44 208 834 1125
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo


Attachments

2Q 2016 Cond Cons Interim Report 30-06-2016 Final.pdf